- Gome Planning Legal Action Against Former Founder Huang Guangyu
Gome said the board of directors decided to sue Huang Guangyu over his “alleged breach of fiduciary duties as a director of the Company relating to the repurchases of the company’s own shares in or about January and February 2008, and breach of trust.”
- Private Banks: From "Offshore" to "Onshore"
Both domestic and foreign banks, by establishing private banks in China, aim to lay a good foundation in exploring clients before the country lifts the cap on businesses in this segment.
- Geely Completes Volvo Deal
Chinese car maker Zhejiang Geely Holding completes its $1.8 billion acquisition of Volvo Car Corp. from Ford Motor Co..
- Li Ka-Shing to Buy EDF’s UK Grids for $9.1Bln
The deal, once completed, will make Li Ka-Shing one of the largest holders of the UK’s infrastructure assets with one fourth of the country’s electricity distribution market in hand.
- ICBC Plans 45Bln Yuan in Rights Offer
Industrial and Commercial Bank of China plans to raise up to 45 billion yuan via a right issue in Shanghai and Hong Kong to replenish capital.
- Australia Cuts Resources Tax to 30Pct
Australian government on Friday cut the tax rate for iron ore and coal profits from 40 percent to 30 percent, a substantial concession to the mining firms.
- HSBC China June PMI Slips to 50.4
HSBC China June PMI slipped to 50.4 from 52.7 in May as new output and new orders dropped outright for the first time since the depths of the global downturn in March 2009.
- EU Fines Steel Makers 518Mln Euros for Cartel
The producers of prestressing steel, including industry giant ArcelorMittal, have been operating the price-fixing and market-sharing cartel between 1984 and 2002 in all EU member states excluding Britain, Ireland and Greece.